BUDAPEST: First-quarter net income of Hungarian drugmaker Gedeon Richter rose 61% to HUF 15 billion from the same period a year earlier as costs fell, an earnings report published today reveals.
Earnings per share came to HUF 81 for the period. Revenue edged down 0.7% to HUF 87.7 billion. Direct cost of sales fell almost 3% to HUF 32.1billlion, widening Richterʼs margin and lifting gross profit 0.6% to HUF 55.5 billion. The first-quarter net income of Hungarian drugmaker Gedeon Richter rose 61% to HUF 15 billion from the same period a year earlier as costs fell, an earnings report published today reveals.
Other costs also fell: sales and marketing expenses were down 5.6% at HUF 25.7 billion and spending on R&D dropped 5.8% to HUF 10.9 billion. Operating profit climbed nearly 37% to HUF 13.9 billion. Richter booked a HUF 2.3 billion financial gain in Q1, compared to a HUF 1.1 billion loss in the base period, though HUF 1.5 billion of the income was unrealized. Capital expenditures, including payments for intangible assets, were down about 40% at HUF 3.3 billion.
